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President Trump recently imposed steep tariffs on foreign steel and aluminum. An economist explains what they are, how they work and why they matter.

Former U.S. president Richard Nixon is seen here with Pierre Trudeau in Ottawa in 1972. Nixon was bitterly opposed to Canada’s Auto Pact moves 50 years ago, saying Canada had cheated at the expense of American jobs and investment. He refused calls to exempt Canada from an import surcharge.
(THE CANADIAN PRESS)March 12, 2018

President Trump slapped steep tariffs on steel imports, echoing protectionist measures taken by Bush in 2002.

A welder fabricates a steel structure at an iron works facility in Ottawa on March 5, 2018. U.S.President Donald Trump’s stated intention to impose new tariffs on steel and aluminum imports could start a trade war.
THE CANADIAN PRESS/Sean KilpatrickMarch 8, 2018

Options to avoid a hard border are on the table, but they remain unpalatable to Theresa May's government.

Canadian Foreign Affairs Minister Chrystia Freeland with U.S. Trade Representative Robert Lighthizer, right, and Mexico’s Secretary of Economy Ildefonso Guajardo Villarrea, deliver statements to the media during the sixth round of negotiations for a new North American Free Trade Agreement in Montreal in January 2018.
THE CANADIAN PRESS/Graham HughesFebruary 5, 2018

On March 1, Donald Trump imposed a series of steel and aluminum tariffs. To understand their potential impact, it's instructive to look at what happened after George W. Bush enacted similar measures in 2002.

Sights like this Brooklyn rooftop covered with solar panels with a view of the Manhattan skyline have become more commonplace amid a U.S. renewable energy industry boom.
AP Photo/Mark LennihanJanuary 23, 2018

Canada’s NAFTA strategy is in big trouble. Prime Minister Justin Trudeau is seen here meeting with U.S. President Donald Trump in the Oval Office of the White House in February 2017.
(THE CANADIAN PRESS/Sean Kilpatrick)January 11, 2018